Weekly Preview: Shortened week narrows in on construction sector
After a busy week mostly filled with demand indicator releases, we get a small, President’s Day-shortened reprieve. The focus this week is mainly on construction.
Here is what I am watching:
- On Wednesday we’ll see the existing home sales data from January. Existing home sales have climbed the previous three months, and another strong report to get 2012 started will be great news for the residential sector.
- Continuing on the residential construction theme, Friday brings us January new home sales data. Unlike existing home sales, new home sales slipped in December and are looking to regain some positive momentum heading into 2012.
- Rounding out the construction releases this week is the Architecture Billings Index (ABI), out on Wednesday. After a flat reading of 52.0 in December, another positive release from January will be good news for the sector that seems to be running in quicksand.
- The final monthly reading for the Reuters/University of Michigan Consumer Sentiment Survey is out on Friday. After unexpectedly slipping 2.5 points to 72.5 with the initial estimate two weeks ago, an improvement with the final reading will be seen positively.
- Thursday brings us the weekly initial jobless claims data. After sliding to a nearly three-and-a-half year low last week, more declines this week will continue to paint a brighter picture ahead of the jobs report out next week.
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